Profit to Turnover ratio limit

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DIVYESH JAIN (Querist)
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14 December 2022 Dear Sir,

I have got an individual client whose turnover is Rs. 40 lacs from proprietory business but he wants to show profit of Rs. 12 lacs after deducting all expenses. His return is not filed under Presumptive Taxation scheme.

I want to know is there any minimum profit which needs to be kept in Balance sheet when return is not filed under Presumptive Taxation scheme.

Please help me in this matter.

Regards,
Divyesh Jain

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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14 December 2022 30% net profit is acceptable...
Generally it should be average profit margin prevailing in the market.

DIVYESH JAIN

DIVYESH JAIN (Querist)
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15 December 2022 Ok Sir, Thanks for your reply.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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15 December 2022 My pleasure.....

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